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Publish Date : 03-Dec-2013

A L120m deal is signed by Contractor Forrest with investment bankers to sponsor residential solar power installation work.

The three-year deal will observe Macquarie Bank fund the installation of solar photovoltaic providing free daytime electricity at no cost to the end user.

Forrest is ready to proffer funding packages to its social housing clients across the North of England, Midlands and Wales, whereas it is also understood to be discussing partnerships with other installation providers to provide coverage in Scotland and Southern England.

Forrest will moreover offer the scheme to private residencies as it focuses to deliver L40m of installations in the contract's first year.

Funding from the Feed in Tariff will be used to repay the investment of Macquarie Bank.

Ted Macdougal, Development Director from Forrest, said: "We have now delivered over 6,000 solar PV installations and this agreement will see us significantly expand the scope and scale of our presence in the renewables market over the next two decades.

"In Macquarie, we have a partner with the long-term investment horizon that is necessary to help us deliver thousands more installations even as the FIT levels awarded by the Government gradually reduce."

"An installation of free electricity generating kit of this type is proving to be very effective to everyone we have spoken to and we can understand why.

"This will reduce every household's energy bills when installed, helping the most vulnerable out of fuel poverty.

"Those residents with concerns about such issues as rent payment and bedroom tax may be helped enormously and homes will be warmer and healthier as a result. We expect take up to be immense"

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